BoI launches mobile app to monitor food prices across 8 states

Abuja, Oct. 4, 2024 – The Bank of Industry (BoI) has launched a mobile app, Pricesenseng, to check food prices across eight states in the country

The app is for real-time monitoring of price variations of food commodities such as rice, beans, tomato, maize and others in different states across the country

It covers eight states of Borno, Plateau, Rivers, Oyo, FCT, Lagos, Enugu and Kano.

Olasupo Olusi, the Managing Director (MD) the bank, disclosed this during the bank’s annual public lecture series with the theme ‘Creating Impact: The Role of MSME Support and Financing in Alleviating Poverty and Food Insecurity in Nigeria’.

He said the initiative reflected the bank’s dedication to generating impactful research, fostering innovative solutions, and promoting transparency in all its endeavours.

Olusi said between January and September, the bank disbursed N77.65 billion to support almost 1,000 Micro, Small and Medium Enterprises (MSMEs).

“The MSMEs are the bedrock of any thriving economy.

“In Nigeria, they make up approximately 97 percent of all businesses contributing to over 80% of employment and about 50 percent of GDP – and are the driving force of food production and the overall economic development in Nigeria,” he said. 

Olusi, however,  said the MSMEs were facing significant challenges which included finance, challenging operating environment, and infrastructure deficiencies. 

“Therefore, addressing these issues is essential to alleviating poverty and ensuring food security,” he said.

“Through sufficient financial support and enabling environment, MSMEs are better equipped to improve the socio-economic conditions of the poor by creating employment opportunities, promoting the utilization of local raw materials, and driving economic growth.

“So far this year, the bank has supported MSME across the country through the disbursement of loans totalling about N77.65 billion.

“These loans were given to almost 1,000 MSMEs across the country to enable them boost their operations.

“Those who have benefitted through several of our financing facilities range from the local palm kernel oil processor in the east, to the woman with a printing press in the north, and a local furniture maker in the south, amongst others.”

Olusi promised that the bank would continually work to create an environment that fosters sustainable growth through access to capacity-building programmes, promoting technological innovation, and connecting businesses to domestic and international markets.   (GBN)